Thailand Increases Regulations On Crypto Exchanges To Fight Crime

Thai regulators are set to block unlicensed crypto exchanges in the country to combat money laundering and online crimes.

In line with global regulatory trends, Thailand is tightening its oversight of the cryptocurrency sector by primarily targeting unauthorized crypto platforms.

Collaborating with the Ministry of Digital Economy and Society (DE) and relevant agencies, the SEC is set to block access to unauthorized platforms. This decisive action follows resolutions by the Technology Crime Prevention and Suppression Committee, underscoring the urgency of addressing emerging challenges in the crypto space.

The decision to clamp down on unregistered crypto platforms follows a resolution by the Technology Crime Prevention and Suppression Committee, signaling a proactive approach by Thai authorities to combat illicit activities and money laundering within the digital asset sector. Mrs. Pornanong Busaratrakul, Secretary-General of the SEC, emphasized the urgency of the matter during a recent meeting, highlighting the imperative to protect users from potential losses stemming from unauthorized platforms.

In a significant regulatory move, Thailands SEC will ban unlicensed cryptocurrency exchanges to tackle financial crimes, following similar actions by India and the Philippines. This crackdown aims to protect users from potential scams and enhance legal compliance.